The Oregonian continues as a daily newspaper, but with home delivery reduced to four days a week. The conversion was accompanied by layoffs and an announcement that the business would sell its long-time home and move to new quarters. The property is being marketed by Cushman & Wakefield of Oregon Inc. without a price.

Friday, Anderson said its parent company, Advance Publications, does not wish to discuss the building sale or its plans to relocate its operations.

“For the record, we have no lease for new space,” he said via email.

Advance Publications is also parent to American City Business Journals, which publishes the Portland Business Journal.

Cushman & Wakefield is casting the property as a turnaround opportunity for the right developer.

According to the offering memorandum obtained by the Business Journal, the building has 286,318 square feet, of which 202,497 square feet are considered “usable." It was built in 1948 and received a seismic update in 1996 — a major consideration for any redevelopment.

In one scenario, The Oregonian Building could follow in the tracks of its fellow Pietro Belluschi-designed structures, the Commonwealth and Federal Reserve building, both in downtown. Both have been renovated in recent years and are chiefly leased to creative services firms.

Cushman & Wakefield acknowledges as much in its marketing materials.

“The property represents an exceptional opportunity to acquire the asset at far below replacement cost and reposition the building to appeal to the creative service community and other large users active in Portland’s dynamic CBD market,” it said.

It would cost approximately $42 million to $60 million to construct a similar-sized office building in downtown Portland today, based on construction cost estimates by Rider Levitt Bucknall, a construction consulting firm.

Or, intriguingly, the building could give way to something larger.

The property is zoned CXD, which would accommodate a 480,000-square-foot building up to 300 feet tall. The existing building is 120 feet tall.